|
'Godfather' House Lender Says Owner Can't Be Trusted | RAIT Shareholders Can't Derail Bid | Nursing Home Restructuring OKed
|
|
|
|
|
|
Good day. A lender is seeking the appointment of a chapter 11 trustee over the famed mansion known as Beverly House, saying its owner is trying to ram through an insider deal involving a Saudi prince. RAIT Financial Trust's preferred stockholders couldn't derail a $174 million sale of the real estate business. And nursing home operator Senior Care Centers LLC won approval for a chapter 11 plan that will leave the company majority-owned by its unsecured creditors.
Now for today's news...
|
|
|
Beverly House Lender Wants Bankruptcy Trustee to Take Control
|
|
Fortress Investment Group LLC has asked a bankruptcy court to place a famed Beverly Hills, Calif. estate under the control of a neutral administrator, saying the property owner can’t be trusted to steer a fair sale process. Read More.
|
|
|
RAIT Financial Shareholders Fail to Derail Fortress Bankruptcy Bid
|
|
Fortress Investment Group LLC’s $174 million offer for bankrupt real estate business RAIT Financial Trust was approved by the judge overseeing its bankruptcy over objections from equity investors. Read More.
|
|
|
Senior Care Centers Gets Approval of Chapter 11 Reorganization Plan
|
|
Nursing home operator Senior Care Centers LLC won bankruptcy-court approval for a chapter 11 plan that will restructure it into a new company majority-owned by its unsecured creditors. Read More.
|
|
|
|
|
|
Red Rock Resorts: Night and Day
|
|
Red Rock Resorts Inc., formerly known as Station Casinos, continues to benefit from the booming Las Vegas economy—its locals market business has outpaced the Las Vegas Strip. Read More.
|
|
|
|
Shh! Companies Are Fixing Accounting Errors Quietly
|
|
Companies like Papa John's International Inc. are increasingly likely to correct accounting problems by quietly updating past numbers, rather than alerting investors and reissuing financial statements. Read More.
|
|
|
|
119
|
Number of significant financial restatements issued by companies last year, down from a peak of 973 in 2005.
|
|
|
|
Telescope maker Meade Instruments Corp. filed for bankruptcy after a jury in California found it liable to a competitor for $16.8 million. (Bloomberg)
Cloud Peak Energy Inc. won court approval of its chapter 11 plan after certain third-party releases were eliminated. (Law360)
South African Airways to be placed in bankruptcy protection. (Financial Times)
Detroit's bankruptcy left lives of ordinary residents untouched, author says. (Detroit Free Press)
Wyoming coal miner Moriah Powder River LLC owes more than $11 million in unpaid county taxes. (Wyoming News Exchange)
Canadian government-backed bitcoin miner goes bankrupt, owing millions to creditors. (The Block Crypto)
|
|
|
|
|